NYC Council Adds Affordability Plan To Resi Zoning Debate

Herrick partner and chair of the Land Use & Zoning Group, Mitchell Korbey, spoke with Law360 Real Estate Authority about the New York City Council's November 2024 plan to ensure more affordable and livable housing with the City For All plan. The City For All plan is a slate of proposals that call for increased funding for affordable housing programs that benefit renters and homeowners, deeper affordability requirements for those initiatives, and other measures necessary to support affordable housing production.

Council Speaker Adrienne Adams characterized the plan as a complement to the mayor's City of Yes for Housing Opportunity plan, a package of zoning reforms designed to spur housing development at a time when only 1.4% of the city's housing stock sits vacant.

Mitch said that City for All appears to address the funding concerns surrounding the mayor's plan, saying, "I see it as a companion proposal, one that the council would seek to have run parallel, maybe, and address some of what they see as critical funding issues." He continued, "It doesn't, on its face, raise... many of the zoning issues that are proposed by the City of Yes, but instead is a comprehensive look at capital funding for [New York City Housing Authority] and full funding for [the Department of Housing Preservation and Development] and their five-year capital plan."

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